NEW YORK--(BUSINESS WIRE)-- Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Illumina, Inc. (NASDAQ:ILMN) in connection with Roche Holding AG’s offer to purchase Illumina for $44.50 per share or approximately $5.7 billion total.
Weiss & Lurie is investigating whether Illumina’s Board acted in the best interests of its shareholders by refusing to negotiate with Roche prior to the offer being publicly announced and adopting the poison pill on January 26, 2012 in response to Illumina’s unsolicited offer. The poison pill or “shareholders rights plan” allows Illumina to give out one preferred stock purchase right as a dividend to all shareholders if a buyer accumulates 15% of the company’s stock, thereby diluting the worth of a hostile bid. According to Yahoo! Finance, the mean price target for Iluminia stock is $38.60 per share and the median target is $35.00 per share, respectively 15% and 27% lower than Roche’s offer. Moreover, Illumina stock recently hit its 52-week low of $25.57 per share, which is the lowest that the stock has traded since January 2009.
If you own Illumina shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at info@weisslurie.com or by telephone at (888) 593-4771.
Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at info@weisslurie.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/.
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Weiss & Lurie
Julia J. Sun, Esq.
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New York, NY 10036
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info@weisslurie.com
Source: Weiss & Lurie
